President Biden nominates CFTC commissioners for top FDIC and Treasury posts

According to a statement released by the White House on Thursday, US President Joe Biden has nominated Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero to lead the Federal Deposit Insurance Corporation (FDIC), and has nominated CFTC Commissioner Kristin Johnson to serve as Assistant Secretary for Financial Institutions at the Treasury Department.

Both Democratic CFTC commissioners have urged the agency to issue rules or guidance to protect consumers and address conflicts of interest in the cryptocurrency space. Romero has warned of the "contagion risk" in the cryptocurrency market and has compared the industry to the 2008 financial crisis. Romero also sponsored the CFTC's Technology Advisory Committee, which earlier this year voted to submit a report to the commission calling for government and industry efforts to understand decentralized finance.

Kristin Johnson has previously stated that the CFTC should "immediately develop regulatory provisions related to asset custody."

The Biden administration is pushing for the first nomination hearing to begin the week of July 8th.